Cryptocurrency Market Updates

On November 15, BCH miners started the fork process. However, miners from the Bitcoin ABC group mined the first block, while Bitcoin SV miners mined the next block, leading to a split in the BCH Blockchain. To assert Bitcoin ABC’s dominance, Jihan Wu, the co-founder of Bitmain, the leading supporter of the ABC party, mobilized his mining force.

The crypto market took a turn for the worse when it lost nearly $30 billion in total market capitalization – but not every asset struggled to find buyers. In fact, certain stablecoins like USD-C, TUSD and DAI each witnessed a more than 200 percent increase in 24-hour trading volume amid the broader market sell-off as traders flocked to what they may have perceived to be safer alternatives in an effort to escape market volatility.

The US Securities and Exchange Commission (SEC) has forced two companies to register their ICO token sales (Initial Coin Offerings) as securities offerings. This is the first time that the SEC has taken such civil actions without added fraud charges.

Despite the fact that Bitcoin Cash has a scheduled hard fork on November 15 – tomorrow – Asian traders are buying up the cryptocurrency. Their logic is that even though it is almost certain that this hard fork is going to result in two new cryptos being created, the original one is going to be more valuable than the two new ones.

A continuing legal battle between investors of XRP and the startup Ripple is moving to the Federal Court. According to documents published by the courts on Monday, Ripple Labs and its affiliates’ lawyers have filed to move the class-action lawsuit against them to the District Court from its current location at the San Mateo Superior Court.

Developers are eyeing January 16th as the date on which Constantinople, Ethereum’s upcoming network hard fork, could launch. The upgrade for the world’s second-largest blockchain was originally targeted for November, bringing with it a host of design changes aimed at streamlining the platform’s code in a bid to boost performance.

Customers of Bitfinex are struggling to withdraw their funds from the cryptocurrency exchange. Three weeks after being told that things were now operating normally once again, Bitfinex users are still struggling.